A CD, or certificate of deposit, is a great way to start teaching your kids the basics of saving money with a credit union. Keep reading to learn about the benefits of choosing a Grow With Me CD from GCS Credit Union to start them down the road to financial responsibility and independence.
How a CD Works
A CD is one of the safest investments you can use to start teaching your child about saving money and investing. When your child buys a CD at the credit union, he or she invests a certain amount of money that begins earning a high interest rate. In exchange, the credit union keeps that money for a specified amount of time. Once that time is up, the CD matures and the original deposit, with earnings, can be withdrawn or reinvested for even more growth.
Benefits of the Grow With Me CD
The Grow With Me CD from GCS Credit Union is designed for investors aged 18 and younger. This CD has a number of features and benefits you and your child will love.
- The Grow With Me CD has a low minimum deposit of only $250. This means it’s easier to start investing with less and makes it an ideal present for birthdays, holidays, and graduations.
- You can choose the terms of your CD for maturity after six, nine, or 12 months for added flexibility.
- Even though the Grow With Me CD is for younger children and adults, it will earn the same rate of interest as a regular CD with GCS Credit Union.
- You and your child can decide to set his or her Grow With Me CD for auto-renewal upon maturity or for a single maturity only.
Consider a Grow With Me CD for your child at GCS Credit Union of O'Fallon, IL. Teach the value of investment and saving as your children see the rewards of putting their money to work for their future. To learn more about CDs and other savings accounts, visit us on the web or call (618) 219-8600 today.